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3. Reform of comprehensive registration systemFirst, the relationship between the big bull market and the great changes in the capital market(Write something casually whenever you want to keep it for yourself.)

First, the relationship between the big bull market and the great changes in the capital market

The super-large market from 1998 to 6124 is usually called "share reform market", because the stock market before 2005 was the era of split share structure, and the listed part was tradable shares, while the state-owned shares and legal person shares were in the hands of the major shareholders. The share price of the tradable shares changed, and the legal person shares could only be transferred but could not be listed and circulated. The rise and fall of the share price had nothing to do with the major shareholders of legal person shares. The biggest problem in the stock market was that the major shareholders occupied the funds of listed companies, and the limited amount of tradable shares was prevalent.The next big bull market is the first big bull market under the comprehensive registration system, and there will certainly be such a big bull market corresponding to the economic transformation and upgrading of China.The 519 market and the extended Internet market are the landmark market in the era of non-tradable shares. The biggest change of this round of market is the promulgation and implementation of the Securities Law on July 1, 1999, and the capital market has entered the era of rule of law.